Post-Recession Tips for Recruiting and Retaining a Multigenerational Staff
The Great Recession impacted employees in many ways, including their attitudes about work itself. With at least three different generations now represented on teams at many companies, Robert Half International set out to assess each of their post-recession views. Our new white paper, Workplace Redefined: Shifting Generational Attitudes During Economic Change, reports on the findings. Here is a snapshot of what the survey found about how Gen Xers, Gen Yers and baby boomers characterize their priorities, perceptions and career plans. Also included are tips for addressing their concerns, which is likely to become increasingly important in recruiting and retaining key employees as conditions improve:
Competitive Compensation and Stability Appeal to All Ages
Baby boomers, Gen Xers and Gen Yers were in agreement when asked to name the most important factors they consider when evaluating a job offer. Salary, benefits and company stability topped each group’s list. Moreover, all three generations said “working for a stable company” and “having a strong sense of job security” are the work environment factors they value most.
Takeaway tip: When recruiting candidates from all generations, thoroughly spotlight your company’s competitive salary and healthcare/dental benefits. But don’t stop there. If your firm has a strong reputation and history of stability, emphasize those points, too. Economic turbulence has given workers a new appreciation for the relative stability of an employer.
A Sizeable Number of Employees are Looking to Leave
Many companies had to adopt a “do more with less” philosophy during the recession, and many still do. Employees were asked to take on a range of additional responsibilities, and, in some cases, salary freezes and/or pay cuts were instituted. When asked if they’re being fairly compensated for assuming heavier workloads, more than a third of all workers said no. This may be why 36 percent of Gen Yers, 30 percent of Gen Xers and 24 percent of baby boomers intend to seek job opportunities outside their firms if conditions continue to improve. Takeaway tip: Boost your retention efforts by making it clear that sacrifices made during the financial crisis will be rewarded as the economy picks up. As soon as possible, bring back popular benefits or perks such as bonuses, 401(k) matches or training opportunities that were cut or reduced.
Baby Boomers Rethinking Retirement
People plan to stay in the workforce longer because the need to rebuild their retirement funds. Fifty-four percent of baby boomers (and 46 percent of all employees) now say they’ll work beyond age 65.
Takeaway tip: Individuals who thought they’d soon be enjoying a leisurely retirement life will likely be attracted to flexible scheduling. To keep these highly skilled professionals motivated, consider offering them alternative work arrangements such as telecommuting options and shorter workweeks. You might also offer transitional consulting roles to top soon-to-be retirees. It’s a win-win scenario: They earn money and you retain their invaluable institutional knowledge.
Submitted by Robert Half Finance & Accounting. Robert Half Finance & Accounting, a division of Robert Half International, is the world's first and largest specialized financial recruitment service. The company has more than 360 offices worldwide, and offers online job search services at www.roberthalffinance.com.
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